A downsizing trend has emerged in Townsville, Queensland, following an 18-month period of over-supply of Australian property in the area.
This is according to Herron Todd White director Darren Robins, who told API Magazine that, over the past year and a half, buyers have been sensitive to pricing, so have been looking for property that is good value for money.
"Currently many of the two-bedroom, two-bathroom apartments on the market have 130 sq m floor spaces, now developers are downsizing these apartments to 100 or 90 sq m floor spaces and marketing them in the low $400,000s [£260,000s]," he said.
Remax Excellence Townsville principal and owner Marion Grice said that smaller, lower-priced properties are just what the market wants.
She told the magazine that there has also been an increase in interest in one-bedroom units in the area.
Earlier this week, a report from the Australian Bureau of Statistics revealed that 66,100 births were registered in Queensland in 2009, compared to 63,100 in the previous year.
Posted by Steve Douglas
